Banking Reform in Nigeria: The Aftermath of the 2009 by Y. Makanjuola

By Y. Makanjuola

This publication captures Nigeria's difficulty administration event and classes learnt in the course of the five-year tenure of Sanusi Lamido Sanusi as CBN Governor. It offers a backdrop of the sub-prime personal loan trouble within the US characterized via the Lehman Brothers debacle in 2007-08, which triggered worldwide financial and monetary crisis.

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Notwithstanding, the public was convinced that, this time around, nothing would be swept under the carpet. In July 2010, the federal government formally requested the extradition of Akingbola from the UK. He would later be found guilty in a 2012 civil suit by a London court and ordered to refund as much as N165 billion, less than half the estimated value of his misappropriated loot. Much of Akingbola’s ill-gotten wealth was invested in properties and quoted shares, including a massive equity stake in Intercontinental Bank.

Not only did the military rule by decree, they masterminded the rewriting of Nigeria’s Constitution, in the process replacing the former British parliamentarian system with the frankly unwieldy and expensive American presidential model. So deeply did the military infiltrate and permeate the psyche and mindset of Nigerians that it may take generations of uninterrupted practice before the give-andtake and checks-and-balances norms inherent in democratic governance take root. With these antecedents, two broad political camps have since dominated Nigerian politics, spanning the ill-fated Second Republic (1979–83) and the stillborn Third Republic (1993).

In a bid to strengthen CBN Decree No. 24 of 1991 and Banking And Other Financial Institutions Decree, 1991, two separate bills were presented to the Federal Executive Council for consideration. Upon their Prelude to the Financial Crisis in 2009 31 approval, they were transmitted as Executive Bills from the president to the National Assembly. Curiously, only the CBN bill was passed and promulgated into law. ’10 The financial crisis looms In the world at large, by 2006 signs of distress were becoming noticeable in some pockets of the US housing market.

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